AFFECTED FLOWOutflow (subsidised)
ANNOUNCED AS TEMPORARYNo
The Saudi Fund for Development on 11 May 2010, under the Saudi Export Program, signed an export financing agreement with Zamil Industrial Investment Company. The signed agreement establishes that the Saudi Fund for Development will finance the export of Saudi goods and services to Sudan through the Zamil Industrial Investment Company at a value of circa SR 104 (circa USD 27 million).
The Saudi Export Program -- The Saudi Export Program (SEP) is part of the Saudi Fund for Development and was established in 1999. The program promotes Saudi exports to contribute the country's GDP and minimize the economic dependence of crude oil. In promoting the export of Saudi goods the SEP can support 100% of the value of the eligible export transaction depending on risk and nature of the export. In general, the value of exported good/service must contain a Saudi domestic value of 25% or more as well as the transaction having a minimum value of SAR 100,000 (approx. USD 26,666). Additionally, parties benefiting from the SEP fall into one of the following: Saudi companies and establishments; foreign companies, entities or governments importing or purchasing of Saudi goods or services; or lastly local or foreign banks and financial institutions.
The Saudi Fund for Development -- The Saudi Fund for Development (SFD) was established by Royal Decree No. M/48 of 1 September 1974. The Fund's main objectives are to: 'participate in the financing of development projects in developing countries through granting of loans to said countries and to encourage national non-crude-oil exports by providing finance and insurance in support of such exports.
Zamil Industrial Investment Company -- Zamil Industrial Investment Company is a Saudi company which amongst others is engaged in the manufacturing and installation of prefabricated steel buildings, steel structures, doors, windows and sandwich panels. Furthermore, the company is engaged in the repair and maintenance for air conditioners, district cooling, electricity generation; engineering consultancy and utility services. The company also offers electrical, safety, health and computer technology training.
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